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Rumormill: Toyota may announce exit from Formula 1

According to the Japanese Mainichi newspaper, Toyota is poised to withdraw from Formula One competition and will not take part in the 2010 season. Though no source is given for the news, so far Toyota is neither confirming nor denying the report.

Toyota has never had the kind of success in F1 racing that it had expected – despite dropping ridiculous sums of money (some estimate well over $400 million per year) into the sport, Toyota has managed zero race victories in seven years and 139 races worth of competition.

At this point, we'll just have to wait for an official announcement, which is currently scheduled for November 8th, but if Toyota does indeed leave before the 2010 season we know that there are a few more teams interested in taking the slot. We also know of some pretty good drivers that may be looking for a new option. Stay tuned. Thanks for the tip, Carl!